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Abedur Rahman Sikder has formally assumed office as the Managing Director (MD) and Chief Executive Officer of the newly established Combined Islami Bank PLC, officials concerned confirmed on Thursday.
He joined the bank after completing the required regulatory formalities.
Bangladesh Bank issued a no-objection certificate (NOC) for his appointment on June 29, following approval by the bank’s board of directors on June 23.
Prior to his new role, Sikder served as Deputy Managing Director (DMD) of Dutch-Bangla Bank PLC. Banking sector officials said his extensive experience made him a key choice to lead the restructuring of the newly merged Islamic bank.
The appointment comes after a prolonged period without a full-time managing director, during which the bank’s administrative and business operations progressed slowly.
Officials expect the new MD’s arrival to accelerate approvals of large loans and transactions, implementation of the bank’s restructuring plan, finalisation of its organisational structure, and the repayment process for depositors.
Combined Islami Bank was created under the Bank Resolution Scheme 2025 through the merger of five Shariah-based banks facing financial distress—EXIM Bank, First Security Islami Bank, Global Islami Bank, Social Islami Bank and Union Bank.
The bank began operations with a paid-up capital of Tk 35,000 crore, including Tk 20,000 crore contributed by the government. The remaining Tk 15,000 crore was converted into equity against depositors’ claims.
The merged bank received its final operating approval on November 30 last year.
Under the Deposit Protection Act 2026, the bank is currently repaying eligible depositors up to Tk 200,000 each in the initial phase.
Meanwhile, the process of appointing key executives, including the Company Secretary, Chief Financial Officer (CFO) and Chief Technology Officer (CTO), is in its final stage as part of efforts to strengthen the bank’s corporate governance.